Adebayo Adenrele
The Governor of Central Bank of Nigeria (CBN), Godwin Emefelie has said that President Muhammadu Buhari gave them the approval to redesign, produce and circulate new series of banknotes of 200, 500, 1000.
In a statement made available to Newsmen by the CBN Governor, the new currency will be circulated from December 15, 2022 while the new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
He added that the newly designed currency will be released to the banks in the order of First-come-Firstserve basis.
He thereby enjoined Customers of banks to begin to pay the exiting currency into their bank accounts to enable them withdraw the new banknotes once circulation begins in mid-December 2022.
The statement read in part, “In line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.
“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022.
“The new and existing
currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.
“The newly designed currency will be released to the banks in the order of First-come-Firstserve basis.
“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022.
“All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.”
